Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. a. Owner invested $66,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. The company paid $1,800 cash for rent of office space for the month. C. The company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $2,500 cash earned. e. The company completed work for a client and sent a bill for $8,700 to be received within 30 days. f. The company purchased additional equipment for $6,400 cash. g. The company paid an assistant $3,900 cash as wages for the month. h. The company collected $4,800 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $15,000 cash to settle the liability created in transaction c. j. The company paid $1,500 cash in dividends to the owner (sole shareholder). Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets = Liabilities + Equity Cash Accounts Receivable + Equipment = Accounts Payable + Common Stock Dividends + Revenues Expenses a. + + + + + + = + - + b. Bal + 0 + 0 0 + 0 0 + 0 0 - 0 c. + + + = + + Bal 0 + 01 + 0 = 0 + 0 0 + 0 - 0 d. + + + + Bal. 0 + 0 + 0 0 + 0 0 + 0 0 - 0 e. + + + + - 0 - Bal. 0 + 0 0 + 0 = 0 + 0 0 + 0 + + f. Bal. + 0 0 + + o + 0 + 0 0 - 0 0 + 0 - 0 + + + + g. Bal. 0 + 0 + 0 = 0 + 0 - 0 + 0 - 0 + + + + h. h Bal. 0 + 0 + 0 0 + 0 0 - 0 + 0 - 0 li. + + = + + Bal 0 + 0 + 0 = 0 + 0 0 + 0 - 0 J. + + + = + + Bal. $ + $ 01 + S 0 = S 0 0 + $ 0 S 0 + $ 0 0 - $ 0